Immatics moved to Buy from Not Rated at Goldman Sachs

Goldman Sachs analyst Rajan Sharma introduced a Buy rating and $13.50 price target for Immatics (IMTX) after previously being Not Rated on the early-stage biotech company. The firm is positive on IMA203’s potential in melanoma given the drug’s optically higher response rates as well as greater progression free survival, or PFS, and overall survival, or OS, benefits demonstrated in a Phase 1 trial relative to competitor drugs, notes the analyst, who cites the progression of lead asset IMA203 to Phase 3 by year-end 2024 for the firm’s new rating and target.